On March 19th and 20th, Trustly’s Head of Expansion Carl-Henrik Somp participated in an expert panel on the new European Payment Service Directive (PSD2) alongside representatives from the Dutch association Currence, the UK Payment Council, and the Financial Conduct Authority at the prestigious Payments International conference in London.
The one hour session focused on the status of PSD2 and more specifically, the role of Third Party Providers (TPP) in the rapidly changing payments ecosystem. The discussion also explored how banks can strengthen their existing customer relationships, increase their revenue streams and cooperate with TPPs like Trustly by supplying infrastructure for the application of online banking payments in m- and e-commerce.
“We add a truly optimized mobile user experience for bank payments and this fact makes the relationship between Trustly and banks a match made in heaven” says Carl-Henrik Somp.
Trustly was also invited to speak on the topic of how payment innovations can help banks to stay ahead of the curve and how to accelerate ideas that will meet customer demands. This is of particular relevance as the UK is the most popular destination for cross-border online shopping in the EU with over 70% of UK based online retailers delivering outside of the UK. Comparably, less than half of the UK’s online shoppers have made a purchase with a retailer based outside the UK.
What Trustly can efficiently enable for UK merchants is increased consumer trust in their businesses by accepting cross border online bank payments from all banks that the consumer already is familiar with in their home markets. This increase the consumer reach without the need for adding multiple local payment methods. This view was shared by merchants attending the event who expressed that simplicity and consumer reach was highly demanded.